MVST - Microvast Holdings rallies on revenue growth as bottom line remain under pressure

Microvast Holdings (NASDAQ:MVST) stock jumps 19%, Tuesday, following first quarter earnings results. Revenue of $36.7M (+146.3% Y/Y) led by strong growth in the Asia Pacific region (excluding China), fueled by India. Gross profit was $13K vs. gross loss of $1.2M in Q1 2021. Adjusted gross profit was $1.9M vs. $1.2M a year ago, resulting in a 13.5 percentage point improvement in adjusted gross margin to 5.2% in Q1 2022. “Our first quarter revenue performance exceeded our expectations and our order book looks very strong,” said Craig Webster, Microvast’s Chief Financial Officer. “Looking forward, we are focused on sales growth throughout the year, growing our multi-year order book and executing on our capacity expansion plans, which are well underway and fully funded from our cash on hand.” Adjusted EBITDA was $(23.1)M compared to adjusted EBITDA of $(6) million in Q1 2021. Capex was $41.1M vs. $25.4M in Q1 2021. GAAP EPS of -$0.29 during the quarter. Adjusted

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Microvast Holdings rallies on revenue growth as bottom line remain under pressure